Peter's Blog

Feds Set Monthly Spending Record: The Swamp Is Now Bigger and More Expensive than Ever

As Peter Schiff put it in a Facebook post, Trump promised to drain the swamp, but today, “The swamp is now bigger and more expensive than ever!” The US government spent a record $433.3 billion last month, running up a monthly deficit of $214 billion, according to data released by the US Treasury Department. That’s $433 BILLION […]

Interest Payments on Federal Debt on Pace to Eclipse Social Security Outlays

At the current trajectory, the cost of paying the annual interest on the US debt will equal the annual cost of Social Security within 30 years, according to a recent report released by the Congressional Budget Office. By 2048, as interest rates rise from their currently low levels and as debt accumulates, the federal government’s […]

The Federal Government’s Fiscal Train Wreck: SchiffGold Friday Gold Wrap 06.08.18

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.

Peter Schiff: The Problem With Phony Prosperity Is That It’s Phony

A lot of seemingly positive economic data came out last week, but in his most recent podcast, Peter Schiff said it is just feeding into a delusional economic narrative that ignores the most fundamental storyline – debt. Everybody is talking about a new era of prosperity, but Peter said it’s a phony prosperity and it […]

Economic Growth Can’t “Pay For” Republican Tax Cuts and Spending

One of the favorite Republican talking points is that tax cuts will “pay for themselves” by spurring economic growth. This seems plausible. But GOP talking heads underestimate just how much growth would be necessary to pay for the massive tax cuts and spending increases recently passed by Congress. In fact, the Congressional Budget Office released […]

Stockman: US Fiscal Path Will Rattle the Rafters of the Casino

As we’ve reported, the US government is spending money like a drunken sailor. But nobody really seems to care. Since Nov. 8, the US national debt has risen $1 trillion. Meanwhile, the Russell 2000 (a small-cap stock market index) has risen by 30%. Former Reagan budget director David Stockman said this makes no sense in […]

How Do We Really Cut the Burden of Government? Cut Spending!

In all of the talk about tax reform, nobody is considering the more fundamental problem facing America – the size and scope of the federal government. Peter Schiff has described the Republican tax plan as “tax cuts masquerading as reform.” When it’s all said and done, Americans aren’t going to get tax relief. They are […]